MELBOURNE — After a fruitless seven-year quest, Peter Flotz has abandoned his ambitious plan to build a luxury Mediterranean-styled condominium tower or a Hyatt Place hotel in the heart of the historic downtown.
These $20-million-plus projects would have injected dozens of high-income households — or up to 100 new jobs — directly into the downtown economy.
Instead, scant financing and the real estate market crash doomed the endeavors. And the target construction site will remain the same as it is today: a city-owned parking lot behind Meg O’Malley’s.